Aberforth Smaller Co Interim Management Statement

 
TIDMASL 
 
Aberforth Smaller Companies Trust plc 
 
     Interim Management Statement for the 3 months ended 30 September 2014 
 
 
Investment Objective 
 
The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to 
achieve a net asset value total return (with dividends reinvested) greater than 
on the Numis Smaller Companies Index (Excluding Investment Companies) (NSCI 
(XIC)) over the long term. 
 
Aberforth Partners LLP are contracted as the Investment Managers and 
Secretaries to the Company. 
 
 
Features 
 
  * During the 3 months to 30 September 2014, the Company's net asset value 
    fell by 0.4%. By comparison, the Company's benchmark, the NSCI (XIC), fell 
    by 2.9%. Over the 9 months to 30 September 2014, the Company's net asset 
    value rose by 0.7% though the benchmark fell by 3.5%.All figures are total 
    returns. 
 
  * 20,000 shares were purchased for cancellation during the quarter for a 
    total consideration of GBP214,000. 
 
  * The Board declared an interim dividend for the year ending 31 December 2014 
    of 7.75p, an increase of 5.4%. This dividend was paid on 28 August 2014. 
 
 
Financial Position                       As at         As at              As at 
                             30 September 2014  30 June 2014   31 December 2013 
 
Fixed Assets: Investments              GBP1,156m       GBP1,166m            GBP1,168m 
at bid price 
Net Liabilities                         GBP(33m)        GBP(32m)             GBP(30m) 
                                       _______       _______            _______ 
Total Shareholders' Funds              GBP1,123m       GBP1,134m            GBP1,138m 
 
Net Asset Value                       1177.35p      1189.50p          1,193.22p 
 
Share Price                           1090.00p      1046.00p          1,095.00p 
 
Discount                                  7.4%         12.1%               8.2% 
 
Shares in Issue                     95,344,792    95,364,792         95,382,792 
 
Market Capitalisation                   GBP1039m         GBP998m            GBP1,044m 
 
Gearing                                   3.0%          2.8%               2.6% 
 
 
General Information 
 
Ongoing charges (2013 -p.a.)                                              0.79% 
Launch Date                                                    10 December 1990 
 
 
Further Information 
 
Further information regarding the Company, including any share buybacks, the 
most recently published net asset value and the monthly factsheet can be found 
on the following website: www.aberforth.co.uk 
 
 
Contact 
 
David Holland (Tel: [phone]) 
Aberforth Partners LLP, Secretaries, 
3 October 2014 
 
 
Note 
This information has been provided in satisfaction of obligations under DTR 4.3 
 
 
END